i cant believe i'm the only person with this issue but i can't find anything online
Exclusively(as far as my experience goes) Barclays, always change the order of entries on their online statements overnight and sometimes during the day. this makes it seriously frustrating to reconcile as almost always the closing, reconciled balance from the previous recon wont appear.
am i missing something here ?
Thanks
-- Edited by SimonEd on Tuesday 3rd of December 2019 04:26:23 PM
Hi So hows about an intro before we start. We always ask newbies!
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.
Its not exclusive, but rare. Barclays are carp. Their online downloads have been known to have rounding errors on them as well. Reported to Barclays but they dont care (despite providing a ton of evidence).
Order of entries isnt an issue though.
edited to correct 2 small typos only
-- Edited by Cheshire on Tuesday 3rd of December 2019 04:34:22 PM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Part qualified ACA (stopped to start own business) - no other prof quails.
Now have my own business. I act as a consultant FD for clients who cannot justify a full time person in that position but prior to this I was the FD for a group of construction consultants comprising 11 separate individual subsidiaries under a holding company.
I have been doing this for quite a while.
Thanks for the speedy reply but I am curious about your final sentence.
Maybe an example .
I prepare month end, supplier payments on say 15th of the month and they are programmed to go from the bank on 30th.
At 9am on 30th those 40 or so payments will show online and we reconcile. If I put through a payment at 4pm, that payment will rarely appear online at the top so when we come to reconcile at a later stage, say a few days later, the previous, closing, reconciled balance wont be there.
Have you never seen this ?
-- Edited by SimonEd on Tuesday 3rd of December 2019 04:55:08 PM
Hi Simon
Welcome to the forum. Hope you will spend some time to have a look around and join in with us.
Yes Ive seen this before, with both Barclays and one other major bank. As I mentioned Ive uncovered other issues with Barclays - seen the odd extra penny on some standing orders and wages that was never there plus doesnt appear on the actual bank statements. Barclays attempted to blame it on getting reports via the in branch facility! Balderdash!!!!!
Anyway - I just take a pragmatic approach in the view of such banking nonesense. Do not reconcile until the day after. Process the items, you could even do that on 15th, pre dated if you must. Albeit there are days when there are hundreds of entries that I just do the processing the next day anyway. Im probably too laid back these days. Anything for an easy life - Ive given up arguing with Barclays. If its a data dump to software, depending on the software it may pick up any possible duplicates. Lets face it even though the payments may show online one or more payments may fail, which would throw it out anyway and just cause more issues that is necessary.
Yoou could utilise excel to pick out anything between in-day and end of day processing, but tbh I would only rely on the balance on the actual bank statement rather than a download for the reconciliation process for this lot.
(Sorry to our Mod, Shaun who had connections with Barclays - maybe that can be your next 'sort them out' role! But I always said NatWest was best!)
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Sorry to our Mod, Shaun who had connections with Barclays - maybe that can be your next 'sort them out' role! But I always said NatWest was best!
Hi Joanne,
you do realise I have connections to Natwest as well... They were called RBS at the time but I was lucky enough to be in a purely NatWest team at the time still wheeling in shoc that a little provincial bank had boguht one of the largest banking institutions... Took me until I did my masters to find out exactly what went wrong there.
I despaired with Barclays long ago. In my day if something was out by a penny there would be heads on spikes. Had a fantastic team that developed some world beating finiancial products... So bless their lil cotton socks they sold my entire division to Accenture... Accenture!!! The child of the firm that brought the world Enron goes into business with a bank!
I had already worked with that company twice and wasn't about to accept a third stint on the grounds that there were only many time that I could work with them before one of them would end up leaving the building through a window.
Why couldn't Barclays have sold to KPMG or PWC, I've worked with both of those lots and really rate both. Oh well, water under the bridge.
All the best,
Shaun.
p.s. Hi Simon, welcome to the forum. Sorry, I'm not always this grumpy but a certain management consultancy really brings out the best (is that the right word!) in me.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
